November 2nd, 2015

Stop sale of Hydro One and invest in Ontario’s future: NDP

Ontario NDP MPP Catherine Fife called on the Acting Premier in the legislature this morning to account for the $500 million Ontario stands to lose each year if the government proceeds with the 60 per cent selloff of Hydro One. 

“Last week’s FAO report showed that once this government sells off 60 per cent of Ontarians’ Hydro One, the Province stands to lose up to $500 million a year in the long run.This is money that could have been spent on education, on healthcare, on poverty reduction. Unfortunately, Mr. Speaker, for Ontarians that money is as good as gone while a number of the Premier’s friends and Liberal insiders stand to line their pockets.”  

“Will the Acting Premier finally concede that the selloff of Hydro One is a bad decision for Ontario families?” Fife asked. 

According to a report released by the Financial Accountability Officer (FAO) last week, Ontario stands to lose up to $500 million a year should the government proceed with the sale of 60 per cent of Hydro One. The report also states that, over time, the privatization of the public asset will cause Ontario’s net debt to rise.  

Fife says these are funds that could be invested in healthcare, education and infrastructure.

“Under this Premier’s leadership, Ontario now has the most debt of any subnational government in the world. More debt means less money invested in the priorities of Ontarians. And now, the FAO has confirmed that the province’s net debt will be even higher—leaving a significant burden on future generations and less money for healthcare, education, and yes, even infrastructure. It is always Ontario families that end up paying the price for this government’s short-sighted and reckless actions.”

“Will the Acting Premier make the responsible decision and stop the sale of Hydro One?” Fife asked.